It isn’t just stocks. Commodities and foreign-exchange rates also swung after the U.S. unveiled fresh proposed duties on products from fish to luggage, a move that is likely to spur retaliation.

Benchmark 3-month copper futures in London hit their lowest in nearly a year, before recovering slightly. The metal is used in manufacturing and construction, which makes it sensitive to economic conditions.

Currencies of major exporters and commodity producers notched some of the biggest declines. The Australian dollar AUDUSD, -0.7642% and Korean wonUSDKRW, +0.67% both slumped about 0.5% against the dollar. The yuanUSDCNY, +0.6605% weakened 0.6% against the U.S. currency even after the Chinese central bank held it largely steady in the daily fix. In recent action, one U.S. dollar bought 6.6648 yuan onshore.

U.S. conflict with China and Europe threatens trade-dependent economies such as South Korea, which benefited from booming exports last year. Although China has reduced its reliance on selling goods abroad, about 9% of growth in 2017 came from exports.

The Japanese yen was little changed. One U.S. dollar bought ¥111.11 recently, compared with ¥111.26 yen about 3 p.m. in New York on Tuesday.

It isn’t just stocks. Commodities and foreign-exchange rates also swung after the U.S. unveiled fresh proposed duties on products from fish to luggage, a move that is likely to spur retaliation.

Benchmark 3-month copper futures in London hit their lowest in nearly a year, before recovering slightly. The metal is used in manufacturing and construction, which makes it sensitive to economic conditions.

Currencies of major exporters and commodity producers notched some of the biggest declines. The Australian dollar AUDUSD, -0.7642% and Korean wonUSDKRW, +0.67% both slumped about 0.5% against the dollar. The yuanUSDCNY, +0.6605% weakened 0.6% against the U.S. currency even after the Chinese central bank held it largely steady in the daily fix. In recent action, one U.S. dollar bought 6.6648 yuan onshore.

U.S. conflict with China and Europe threatens trade-dependent economies such as South Korea, which benefited from booming exports last year. Although China has reduced its reliance on selling goods abroad, about 9% of growth in 2017 came from exports.

The Japanese yen was little changed. One U.S. dollar bought ¥111.11 recently, compared with ¥111.26 yen about 3 p.m. in New York on Tuesday.

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